Verizon beats estimates on new wireless subs and price hikes

Verizon’s Q4 2024 earnings slightly beat estimates. The company reported revenue of $35.7 billion, just outperforming the $35.3 billion forecasted. Adjusted earnings per share came in at $1.10, a penny more than the $1.09 analysts predicted. Net income was $5.1 billion, bouncing back from a $2.6 billion loss in Q4 2023.

Price increases helped boost wireless service revenue for the quarter to $20 billion, up 3.1% year over year. The total number of postpaid phone net additions (new monthly subscriptions, less lost customers) grew to 568,000. Total broadband customers rose to more than 12.3 million for Q4, a 15% increase year over year, though Fios net additions were down slightly.

Revenue for all of 2024 was up 0.6%, coming in at $134.8 billion.

In the earnings press release, Verizon Chairman and CEO Hans Vestberg said:

“It’s only going to get better this year and beyond, as we have continued to strengthen Verizon with the pending Frontier acquisition, new satellite partnerships, and ongoing AI enablement, which we expect will enhance and broaden our network for everybody we serve.”

Verizon was up about 2.8% in early trading on the news, but lost some of that momentum and is up roughly 1.6% on the day as of 10:55 a.m. ET.